While one of the more recent arrivals to the residential solar lease and loan landscape, Texas Sunnova has continued to attract both equity and debt financing. The latest $300 million round comes on top of a $250 million round it closed in November 2014.
Sunnova launched its residential 25 year PV loan product, the EZ Own, in March of this year. Third party review website The Best Companys (TBC) has rated the EZ Own and EZ Pay PPA favorably, noting that its lease and PPA offering is more flexible than some others on the market, in that it allows the homeowner to transfer ongoing leases to a new home owner in the event of a sale, pre-pay the remainder on the contract or move the PV system to a new address.
Sunnova has also been active in expanding its products, through third party contractors, to territories such as Puerto Rico, Guam, Saipan and The Virgin Islands.
"We are pleased to partner with these world-class energy investors to continue Sunnova’s momentum and fund our growth in the global power industry," said Sunnova CEO William J. (John) Berger. "We are eager to leverage the experience and resources that these energy leaders bring to the table."
The latest round includes an equity financing round led by Triangle Peak Partners and includes Franklin Square Capital Partners. GSO Capital Partners was also involved in the equity round.
GSO Captial Partners Rob Horn will join the Sunova board, along with C. Park Shaper from SEIS Holdings. Four existing Sunnova board members, including CEO Berger, will remain on the board.
"Sunnova is building a next-generation power company that will increasingly compete with conventional energy and traditional, centralized electric utilities, said Mike Morgan from Triangle Peak Partners. We are excited to help Sunnova accomplish great things."
Review site TBC notes that Sunnovas use of third party contractors can lead to misunderstandings of its solar offerings and variation in installation quality. It adds that the 25-year contracts are longer than the 20 year standard within the sector.